Saudi Arabia sees 30-fold increase in foreign investment
A 30-fold increase was recorded in foreign investments in Saudi Arabia in 2005 as compared to the previous year, with overseas investments in 2005 totaling SR200 billion.
The statement was made by Amr Abdullah Al-Dabbagh, Governor of the Saudi Arabian General Investment Authority (SAGIA), who spoke before a visiting 62-member French delegation in Riyadh recently, according to <i>Khaleej Times</i>.
Dabbagh added that a tax credit formula which would reduce taxes was being study for less developed regions of the Kingdom to attract foreign direct investment (FDI).
Additionally, other incentives are being weighed including the establishment of a re-export zone to encourage entrepreneurs in which raw materials brought in for manufacturing would be exempted from customs duty.